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By Jed Jaleco Del Rosario
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Tuesday, January 17, 2017
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ILOILO City – The Philippine stock market was generally good this week, except for nickel mining companies.
Technical Analyst Hernan Segovia said nickel-producing firms suffered on Friday when Indonesia lifted its nickel ore ban, which caused a panic selling among nickel mining companies, such as Nickel Asia and FNI (Global Ferronickel Holdings Inc.)
“The effect is that we have a panic selling among on our nickel mining companies,” Segovia said.
He further added that it is still too early to tell how Indonesia’s nickel producers will affect local mining companies, which is why he cautions against investing in such companies.
Segovia also believes that the market is entering a “wait and see” phase, particularly in relation to the new Trump presidency in the US. He believes that local as well as foreign investors in the Philippine stock market will become more cautious as Trump assumes office.
To respond to this uncertainty, he encourages interested investors to hedge their investments and invest in companies that perform well during periods of uncertainty, such as gold mining companies./PN
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